Trillium Asset Management has voted against the
proposal, while Korea Investment Corp., South Korea’s
sovereign-wealth fund, also plans to vote against it, according
to the Journal.

Some of Bank of America's shareholders would also like to
install new directors, according to the report, replacing those
that were in place prior to the financial crisis.

A defeat would represent an embarrassing moment for the board of
Bank of America, which decided to combine the roles and then
agreed to have a vote after the event following shareholder
complaints.

Business Insider
previously reported that smaller shareholders
including public pension funds and money managers are pushing
against the consolidation of power.

Public pensions CalPERS and CalSTRS have
promised to vote against the change, along with CtW Investment
Group. CtW invests on behalf of
pensions. While the pension funds
and their representative hold less
than 1% of Bank of America’s stock, their staking out a
public position in advance of the shareholder vote is a
statement of intent.

“This is a big move by CalPERS and CalSTERS,”
CSLA banks analyst Mike Mayo told Business Insider in early
September. “They are leading indicators for sentiment.”

The Oracle of Omaha, according to a representative for Berkshire,
is "100% in support of Mr. Moynihan and believes he is doing an
outstanding job for Bank of America shareholders."

"When he took over as CEO, he was handed one of the
toughest jobs in the history of American banking."

Barney Frank, the former House Financial Services Chairman, told
Politico's Morning Money on Sunday that he didn't
understand the argument against combining the chief executive and
chairman posts.

He said: "There is no evidence supporting it ... And I have a
very good opinion of Brian. ... He was very supportive in
creating the CFPB [Consumer Financial Protection Bureau], very
helpful. ... The argument that good governance requires having a
separation I just don't understand."

Bank of America meanwhile views the push to consolidate its
leadership as a step toward aligning itself with marketplace
standards, and not as a deviation from sensible governance.

"The board believes that having the same
flexibility on board leadership that 97 percent of the S&P
500 now have, while still providing strong independent oversight,
is in the best interest of stockholders,” a spokesman for
the bank told Business Insider earlier this
month.